Old Mutual

Old Mutual plc Interim Management Statement

Press Release   •   Nov 03, 2011 10:58 GMT

For the three months ended 30 September 2011

Strong operational performance
(Core operations only. Unless otherwise stated all percentage movements are quoted in constant currency versus Q3 2010, except Nedbank which are quoted in constant currency on a Q3 2011 year to date versus Q3 2010 year to date basis.)

  • LTS Net Client Cash Flow £1.4 billion, up £0.2 billion
  • LTS APE growth of 8%
    • Emerging Markets Mass Foundation up 30%
    • Wealth Management Platform gross sales up 7%
  • LTS unit trust sales up 1%
  • Strong performance from Nedbank - non-interest revenues up 16%
  • USAM: continuing outflows but improving investment performance
  • Funds under management at 30 September 2011 were £272.6 billion

Julian Roberts, Group Chief Executive, commented:

"Despite very turbulent market conditions, this has been another quarter of strong operational performance by Old Mutual, with sales growth driven primarily by our Emerging Markets business.

"This is a continuation of the same trend that we have seen over the past three years - the need for our customers to protect and grow their wealth remains unchanged despite continuing market volatility and uncertainty over macro-economic events.

"During this period we have maintained our focus on providing our customers with the products they need to meet their financial goals. In the three years to 30 September 2011 we have sold more than 2 million policies to our mass foundation customers in South Africa and more than doubled the assets under management on our platform in the UK.

"We are confident that as we continue to meet our customers' needs we will be well placed to create sustainable, long-term shareholder value."

View the full Interim Management Statement